Abendum has created a triple entry accounting platform that drastically increases efficiency for both accountants and auditors because it creates a verifiable shared source of truth that cannot be altered while combatting the fraud around fake-invoicing that takes place in the accounting industry. Both Grigg and Ibañez spoke about the importance of having a solution like Abendum being tested at the government level in a regulatory sandbox, and this paved the way for the panelists to discuss what would need to take place for triple entry accounting to be mass adopted in the accounting industry.
The blockchain acts as the timestamped third party that Grigg mentions in his description of a triple entry system. Abendum has taken the idea of triple entry accounting and packaged it into a usable product that is currently being tested in the Financial Supervisory Authority of Norway’s regulatory sandbox.
Sunde then explained why the concept of triple-entry accounting increases efficiency from an accountant and auditor’s perspective.
“I think there are going to be a lot of interesting synergies. When UNISOT’s Supply Chain Solutions are combined with accounting systems, auditing analysis can be done on non-financial data which improves the audits.”
– Torje Vingen Sunde, CTO Abendum
Full article by Patrick Thompson- Coingeek